1099 for 2021
The IRS rules for issuance of 1099K are below.
If required, they are issued by Braintree/PayPal to Fitli and we will, in turn, provide them to you. This usually happens within a couple days of January 31.
In settlement of third-party payment network transactions above the minimum reporting thresholds as follows:
For returns for calendar years prior to 2022:
Gross payments that exceed $20,000, AND
More than 200 such transactions
There are also a couple states that have a lower threshold.
New rules will come in 2022…. the above will be changing to this:
For returns for calendar years after 2021:
Gross payments that exceed $600, AND
Any number of transactions
That's about it! Any questions? Chat with us or send us an email to email@example.com